Tuesday, July 10, 2012

Watchers for the 7-11-12 trading session


Supernovae, still maturing, See my previous comments, still mostly in effect. Rose on peak volume, so it may not be done yet. Short weakness only or on afternoon of 1st red day, etc. Up over 1% A/H. No big gaps or longs. 13.50 to 14 fail ideal.


Also see my previous comments, with suggests similar to the above, except this one rose on declining volume, which is a good sign for potential shorts if it falters. No buys or big gaps. 6.50 fail ideal here.


Again see my previous comments, almost identical for today. Ended up nominally but closed under the debut on modest buy volume. Danger is consolidation, but it might crack yet, especially under 2 or on a try/fail of it.


First red day Supernovae. Finished down over 30.5% last time, so more down side might not be realistic. If it had fallen much less than 10% then more could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This seems a lot more likely given the huge degree of reddening today. No A/H quote. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level. Avoid spike up long scalps, too. Selling volume was big, range equally imposing. Not the best fade signals.


Bearish Engulfing. I like it short below the low (2.68) of Tuesday. Low volume on the drop, which is a decent sign for new sellers. Keep flat on real strength aside from a typical green to red move, etc. Stops just above the high last time or the initial 30 minute one on Wednesday. More conservatively a stop placed above Tuesday's close, too. The high on that day is possibly too far away to use for risk control via stops. Ideally keeps under 2.87ish on any pull ups to remain viable as a short. Avoid all big gaps/longs.


Bullish Engulfing. I like this long over the high (4.33) of Tuesday. Low volume on the rise, which is a fair sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. Stops just under the low last time or the initial 30 minute one on Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is not too far away to use for risk management via stops. Ideally stays above 4 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote shift. A silly ETF so take this selection with a grain of salt and at your own foolish risk.


I like this long on a bounce play back over 2.50/holds. Set a stop just under there and honor it if it triggers. Pinkie, so watch out. Low volume on the rise, another good sign. Unclear float. No shorts, keep flat on fails.

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